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Buy vs Lease

If you have spent any time at a car dealership, you know that there are two main options for getting a new car: buying or leasing. Neither is a strictly better option. Each has its pros and cons, and the right choice depends entirely on the driver. What is the difference between the two options, and which one is right for you?

Benefits of Buying

Unless you have some deep pockets, buying a car usually means taking out an auto loan for the car's entire value, paying a down payment, and paying the rest of the loan and its interest over time. Once the loan is fully paid off, the car is entirely yours. Even before you pay off the loan, you can still customize it and drive it as much as you want. Buying a car gets you equity, and gives you a down payment value on your next car. Buying a car also means that you have no yearly mile restrictions; you can drive it as much as you want.

Benefits of Leasing

Leasing means that, although you get to drive the car, you don't fully own it. You drive the car for a predetermined amount of time (generally around three years), then once the lease is up, you return the car to the dealership. While buying a car requires you to pay for the full price, leasing means you only pay for the vehicle's projected value depreciation. This means smaller monthly payments and a smaller down payment, and sometimes even no down payment at all. Leasing gives you a little extra peace of mind, since the lease period is almost always covered by the vehicle's warranty.

Deciding on whether to buy or lease is an important part of car shopping. If you're not sure which one is right for you, or if you just have a few questions, we're here to help. Just give us a call at (954) 715-7798, or if you're in the Miami, Pembroke Pines, Sunrise, Davie area, come pay us a visit here in Fort Lauderdale, FL. We're here to help.